SOCAR

Name

SOCAR

Legal name

State Oil Company of the Azerbaijan Republic

Website

https://socar.az

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Baku

HQ country

Azerbaijan

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Crude Oil Production and Export: SOCAR produces crude oil from Azerbaijani fields (ACG, Chirag, Gunashli) and exports via the Baku-Tbilisi-Ceyhan pipeline. In H1 2026, Azerbaijan produced 13.270 million metric tons of crude oil, with SOCAR exporting 0.7 million metric tons. Total exports of 10.5 million tons went through the BTC pipeline.
2. Natural Gas Sales via Southern Gas Corridor: SOCAR sells Azerbaijani gas to European buyers through the Southern Gas Corridor (TANAP, TAP). Direct Azerbaijani gas deliveries to Germany began January 2026 at approximately 2 bcm/year under ten-year contracts. Gas is also supplied to Italy, Greece, Bulgaria, Serbia, Slovakia, and other European countries.
3. Petrochemical Operations (Petkim): SOCAR owns Petkim Petrokimya Holding in Turkey, which operates 15 petrochemical facilities across 40 countries. Petkim reported 89 billion lira in net sales revenue in 2025, selling 2.1 million tons of products across 19 main commercial products. The company is undergoing modernization with new ethylene, polypropylene, and polyethylene units planned.
4. Refining and Fuel Retail (Italiana Petroli): Following EU approval in February 2026, SOCAR completed acquisition of 99.82% stake in Italiana Petroli from API Holding. The company controls two Italian refineries with combined capacity of approximately 10 million tonnes per year and approximately 4,500 fuel stations nationwide.
5. Renewable Energy: SOCAR established SOCAR Green Company in March 2024 and partners with Masdar, ACWA Power, and PowerChina for renewable energy projects. The company targets net zero by 2050 and aims to become a balanced energy portfolio company by 2035. Azerbaijan targets 30% renewables in its energy balance by 2030.
6. Energy Services and Technical Cooperation: SOCAR provides energy sector expertise and technical cooperation to international partners including Zimbabwe, sharing knowledge in oil and gas operations, renewable energy, and digital transformation. The company has also partnered with ICD for potential PPP projects.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

SOCAR is Azerbaijan's state-owned integrated national oil and gas company operating across the full energy value chain. It explores and produces crude oil and natural gas from Azerbaijani fields including ACG and Shah Deniz, transports hydrocarbons via the BTC pipeline and Southern Gas Corridor, refines and produces petrochemicals through Petkim in Turkey and Italiana Petroli in Italy, and sells petroleum products domestically and internationally. Following the 2026 acquisition of Italiana Petroli, SOCAR also operates approximately 4,500 fuel stations across Italy, with a subsidiary, SOCAR Green, focused on renewable energy and decarbonization.

Product overview

SOCAR (State Oil Company of the Azerbaijan Republic) is an integrated national oil and gas company operating across the entire energy value chain. The company operates through four main business segments: Exploration/Production (upstream oil and gas extraction from Caspian Sea and onshore fields), Transportation (pipeline operations including BTC pipeline), Refining and Petrochemicals (Petkim in Turkey, Italiana Petroli in Italy), and Marketing/Sales (domestic and international petroleum product distribution). The company also operates SOCAR Green, a subsidiary focused on renewable energy and decarbonization initiatives, reflecting strategic diversification beyond hydrocarbons toward integrated energy transition.

Differentiator

Problem solved

Functional benefit

Brands

• SOCAR Green: SOCAR's subsidiary focused on green energy, hydrogen, ammonia production, and renewable energy projects including solar and wind farms.
• SOCAR Downstream Management

Products and services

• Oil and Gas Exploration and Production (Upstream) Exploration and production of crude oil and natural gas from Azerbaijani fields including the Caspian Sea assets of ACG (Azeri-Chirag-Gunashli) and Shah Deniz. Historical production totals 276,037 thousand tons of oil and 201,393 million m³ of gas (1992-2024). Targeted to industrial buyers and government partners.
• Pipeline Transportation Operations (BTC and Southern Gas Corridor) Midstream transportation of crude oil and natural gas via the 1,768 km Baku-Tbilisi-Ceyhan pipeline (1 million barrels per day capacity) and the Southern Gas Corridor (TANAP/TAP) connecting Caspian resources to European markets. Over 20 years, approximately 559 million metric tons of crude have been exported via BTC.
• Refining and Petrochemicals Oil refining and petrochemical manufacturing operations including the Petkim complex in Turkey (15 facilities operating in 40 countries, 89 billion lira net sales in 2025 with 2.1 million tons of products across 19 main commercial categories) and the Italiana Petroli refining and retail assets in Italy. Targeted to industrial petrochemical buyers and downstream fuel consumers.
• Renewable Energy (SOCAR Green) Green energy subsidiary of SOCAR focused on solar, wind, green hydrogen, and ammonia production supporting Azerbaijan's energy transition and decarbonization goals. Partners with Masdar, ACWA Power, and PowerChina. Backed by $200 million in green bonds issued by SOCAR Capital in March 2025.
• International Energy Services and Technical Cooperation Energy sector consulting and technical cooperation services offered by SOCAR to international partners and developing country governments, including knowledge transfer in oil and gas operations, renewable energy, and digital transformation.

Quantifiable outcome

• Azerbaijan produces 13.27 million metric tons of crude oil in H1 2026
• +6 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

21 partnerships are on record, tiered major, minor, core and flagship.

• Technip Energies Italy S.p.A.majorStrategic or Co-development Partner · 9 July 2026SOCAR and Technip Energies signed an MOU for potential cooperation within the Petkim Master Plan project, covering petrochemical expansion, flexible feedstock solutions, and green energy initiatives. PETKİM completed pre-FEED stage with plans to finalize FEED agreements in Q3 2026 for new ethylene, polypropylene, and polyethylene units.
• Israel (Exploration Licenses)minorStrategic or Co-development Partner · 6 July 2026Israel announced new three-phase tender for natural gas exploration in its Exclusive Economic Zone. BP, SOCAR, and NewMed Energy had previously received exploration licenses for Israeli waters. Chevron (operators of Tamar and Leviathan fields) will also be eligible to bid.
• Masdar, ACWA Power, PowerChinacoreStrategic or Co-development Partner · 19 June 2026SOCAR Green partners with international renewable energy companies including Masdar, ACWA Power, and PowerChina to execute Azerbaijan's energy transition. ACWA Power investing $740 million including operational Khizi-Absheron wind project and Caspian Sea desalination project expected in 2028.
• Islamic Corporation for the Development (ICD)coreStrategic or Co-development Partner · 17 June 2026SOCAR and ICD signed MoU to establish framework for exploring Shariah-compliant financing for PPP projects in Azerbaijan and other ICD member countries. The partnership targets energy and infrastructure projects through joint venture project companies co-owned by SOCAR and investment partners.
• MOL GroupcoreStrategic or Co-development Partner · 8 June 2026MOL Group and partners achieved first-ever commercial gas production at Azerbaijan's ACG field from non-associated gas reservoirs beneath and above existing oil structures. MOL is the third-largest shareholder in ACG behind BP and SOCAR. ACG accounts for 14% of MOL's total global production and 26% of its total reserves.
• BP (BTC Pipeline)flagshipStrategic or Co-development Partner · 2 June 2026BP transferred operational responsibility for the Baku-Tbilisi-Ceyhan export pipeline to SOCAR Midstream Operations (SMO), a SOCAR subsidiary, effective July 1, 2026. The 1,768 km pipeline with capacity of 1 million barrels per day now operates under SOCAR operatorship covering all three sections.
• Egypt (Framework Agreement)minorStrategic or Co-development Partner · 2 June 2026Egypt's Minister of Petroleum met with SOCAR officials during Baku Energy Week to discuss activating long-term strategic partnership in oil and gas. Discussions build on framework agreement signed between Egyptian General Petroleum Corporation and SOCAR at EGYPES 2026 in Cairo.
• TotalEnergies, ADNOC International, BOTASflagshipStrategic or Co-development Partner · 1 June 2026SOCAR, TotalEnergies, ADNOC International and Turkey's BOTAS signed natural gas sales and purchase agreement for Azerbaijan's Absheron field during Baku Energy Week. The 15-year agreement covers 33 bcm over 15 years starting 2029, with FID expected later 2026 and first production in late 2028/early 2029.
• Algeria (Green Hydrogen)minorStrategic or Co-development Partner · 1 June 2026Algeria and Azerbaijan signed MoU to deepen bilateral energy cooperation focusing on green hydrogen development, oil, and gas sectors. Agreement covers infrastructure, exploration, petrochemical development, and long-term energy trade with initial validity of five years.
• Pakistan LNG (Framework Agreement)minorStrategic or Co-development Partner · 21 April 2026SOCAR Trading confirmed readiness to supply LNG to Pakistan under framework agreement signed in 2025. SOCAR prepared to deliver as soon as Islamabad submits formal request to address Pakistan's energy shortfall.
• Uzbekneftegaz, BP (Ustyurt Region)majorStrategic or Co-development Partner · 26 March 2026Uzbekneftegaz, SOCAR and BP partnership for Ustyurt Plateau development with projected reserves of 100 million tons of oil and 35 bcm gas. BP holds 40%, Uzbekneftegaz 30%, SOCAR 30%, with SOCAR as operator. Requires approximately $2 billion investments with initial production expected in 3-5 years.
• Samsung E&A Co., Ltd.majorTechnology or Integration · 25 February 2026SOCAR and Samsung E&A signed MoU to explore energy cooperation including improving energy asset efficiency, localizing production, establishing a regional industrial center, human capital development, and decarbonization initiatives.
• Gran Tierra EnergyminorStrategic or Co-development Partner · 20 February 2026Gran Tierra signed exploration, development and production sharing agreement with SOCAR for Azerbaijan's Guba-Khazaryani region. Gran Tierra holds 65% working interest and operatorship over approximately 400,000 acres surrounding a 65km-long structure that produced over 100 million barrels.
• Turan Drilling & Engineering (SOCAR AQS + Helmerich & Payne JV)coreChannel Partner/ Reseller/ Distributor · 20 February 2026Turan Drilling & Engineering secured five-year contract renewal from bp for offshore operations and maintenance services in Caspian Sea. Contract covers eight offshore platforms including ACE, Central, East and West Azeri, Chirag, Deepwater Gunashli, Shah Deniz Alpha and West Chirag. Value could exceed $1bn with extension options.
• Italiana Petroli S.p.A. (API Holding)flagshipStrategic or Co-development Partner · 19 February 2026SOCAR completed acquisition of 99.82% stake in Italiana Petroli from API Holding following European Commission approval. The company operates two Italian refineries with 10 million tonnes capacity and approximately 4,500 fuel stations nationwide. This represents SOCAR's largest international transaction and significant downstream expansion in Europe.
• Baker HughescoreTechnology or Integration · 18 February 2026SOCAR President met with Baker Hughes EVP to review cooperation including 2024 Cooperation Agreement. Joint projects cover well construction technologies, ESP systems deployment, and well digitalization.
• Serbia (Gas Supply and Power Plant)majorStrategic or Co-development Partner · 15 February 2026Azerbaijan and Serbia signed agreement for joint development of 500 MW combined cycle gas power plant near Niš. Serbia adopted draft law to ratify February 15, 2026 agreement. SOCAR to supply long-term gas and enter Serbia's electricity market. Construction planned to begin April 2026 in Azerbaijan, completion targeted 2029.
• Eni S.p.A. (Baleine Field)majorStrategic or Co-development Partner · 23 January 2026SOCAR acquired 10% participating interest in the Baleine offshore oil and gas field from Eni, marking SOCAR's entry into Africa's upstream oil market. The Baleine field discovered in 2021 currently produces over 62,000 barrels of oil and 75 mmscfd gas per day. Phase 3 will increase production to 150,000 bopd and 200 mmscfd.
• Chinese Companies (Sinopec Engineering, China Energy, PowerChina, CNCEC, China Datang)majorStrategic or Co-development Partner · 8 November 2025Chinese companies expanding presence through multiple agreements with SOCAR spanning energy, petrochemicals, green technology, and transport. Includes SOCAR-Sinopec Engineering framework agreement for oil/gas processing and energy transition, and 2 GW offshore wind project in Caspian Sea with PowerChina.
• Mediterranean Shipping Company (MSC) / Terminal Investment Limited (TIL)majorStrategic or Co-development Partner · 16 September 2025SOCAR and Switzerland-based MSC signed strategic cooperation agreement making TIL a shareholder in SOCAR Terminal. Partnership aims to boost Aegean region's largest container port's capacity, digitalization, and infrastructure through new equipment and technological investments.
• Turkey (BOTAS) - Syria Gas TransitmajorChannel Partner/ Reseller/ Distributor · 3 August 2025Azerbaijan signed agreement to export 1.2 bcm annually of gas to Syria through Turkey. Gas sourced from Shah Deniz field, boosting Syrian electricity generation by approximately 750 MW. First phase potentially expanding to 2 bcm annually.

Scale indicators14 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• KazMunayGas: Kazakhstan's national oil and gas company with integrated upstream, midstream, and downstream operations across the Caspian region. Directly comparable to SOCAR as a state-owned integrated NOC operating in the same geography with similar pipeline export models (CPC, etc.) and refining/petrochemical assets.
• Eni S.p.A. Italian integrated oil and gas major and the largest fuels operator in Italy. Eni and SOCAR are now direct competitors in the Italian downstream market after SOCAR's Italiana Petroli acquisition, and SOCAR's Baleine field stake came from Eni — making Eni both a partner and a peer across upstream and European downstream.
• MOL Group: Hungarian-headquartered integrated oil and gas group with significant upstream exposure in Azerbaijan (third-largest shareholder in ACG, accounting for 14% of MOL's global production and 26% of reserves). Shares a direct operational relationship and Caspian E&P exposure with SOCAR.
• OMV: Austrian integrated energy company with European gas marketing, refining (OMV Petrom), and chemicals. Comparable to SOCAR as a European-facing integrated player pursuing gas-to-power and renewable adjacencies while managing mature legacy hydrocarbon assets.
• TotalEnergies: French integrated supermajor and partner with SOCAR in the Absheron gas field (15-year, 33 bcm SPA signed June 2026). Comparable across integrated upstream-to-downstream operations, European gas marketing, and renewable energy diversification strategy.
• Sonatrach: Algeria's national oil and gas company and a major gas supplier to Europe via the Mediterranean. Closely comparable to SOCAR as a state-owned NOC exporting gas to European buyers, with parallel ambitions in green hydrogen and renewable energy (Algeria–Azerbaijan MoU signed June 2026).

Regional players

• Naftogaz Group: Ukraine's national oil and gas company. Comparable as a state-owned NOC in the broader Black Sea/Caspian neighborhood, with similar E&P, transit, and storage operations, though geographically distinct and operating under very different geopolitical conditions.

Broad incumbents

• BP: Global supermajor that historically operated the BTC pipeline (transferred to SOCAR in July 2026) and is the largest shareholder in ACG alongside SOCAR. BP is a direct partner across multiple SOCAR upstream and midstream assets and represents a comparable integrated operator with Caspian and European exposure.
• Gazprom: Russia's state-controlled gas major and the historical dominant supplier to Europe. SOCAR is explicitly positioned as a strategic alternative to Russian gas across Southern Gas Corridor volumes to the EU, making Gazprom the most relevant structural counter-benchmark for SOCAR's European gas business.

Emerging players

• Wintershall Dea: European-focused E&P company spun out of BASF, with material gas production and European midstream interests. Comparable to SOCAR's gas-weighted European strategy and a potential competitor/partner in Caspian and Mediterranean upstream opportunities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SOCARofficial
• YouTubeyoutube.com/channel/UCR3ESvj6lis5URTBhJJsLEQ
• Facebookfacebook.com/SOCARofficial
• LinkedInlinkedin.com/company/509826
• Instagraminstagram.com/socarofficial

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries9 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SOCAR